Socure Closes New Round of Funding, with Participation from Major Banks
NEW YORK–(BUSINESS WIRE)–#dataprotection—Socure, the leader in Day Zero identity verification, today announced it has raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. The round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. This brings Socure’s total funding to $96 million.
The funds will be used to support Socure’s growth, enhance its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification. Earlier this year, Socure was named to Forbes’ Top 25 Machine Learning Startups To Watch.
“We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table,” said Tom Thimot, CEO of Socure. “As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.”
“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated,” explained Travis Skelly, Director, Venture Investing at Citi Ventures. “Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.”
“The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud,” said Basil Darwish, Managing Director with Wells Fargo Strategic Capital. “Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”
Socure is the leader in Day Zero identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real-time. Socure powers financial inclusion – approving as much as 40% more millennial and other thin-file consumers. It also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Socure was founded in 2012 by Johnny Ayers, Chief Product Officer, and is led by CEO Tom Thimot. The company is based in NYC, with offices in San Diego, San Jose, and Chennai, India.
About Sorenson Ventures
Sorenson Ventures is a Silicon Valley and Utah-based early-stage venture capital fund focused on enterprise software and security investments. Sorenson Ventures has more than $100 million in capital under management. The fund is managed by Ken Elefant and Rob Rueckert, who have both operating experience and venture experience at Battery Ventures, Lightspeed and Intel Capital. The principals of the fund are especially known for making value add connections to Global 2000 customers and have partnered with outstanding entrepreneurs through the years.
About Citi Ventures
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients and the innovation ecosystem. For more information visit: http://ventures.citi.com/.
About Wells Fargo Strategic Capital
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, MVB Community Development Corporation, Chartwell Compliance and Paladin, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit ir.mvbbanking.com.